Siemens has released its earnings report for the first fiscal quarter (Q1) of this year.

The company's Energy segment reported a profit of 567 million euros, up 12% year over year. Siemens' Wind Power division recorded a profit of 52 million euros for Q1, compared to a loss a year earlier.

Key factors in the increase included higher revenue, positive effects related to project completions, and settlement of a claim related to an offshore wind farm project, Siemens says. Revenue in the company's Wind Power segment rose 27% compared to revenue from the first fiscal quarter of 2012, as the division continued to work off its order backlog in both Europe/CAME and the Americas.

However, Siemens says its wind power orders were down 25% year over year, due, in part, to concerns about expiring tax incentives in the U.S. at the end of 2012.

On a regional basis, Siemens saw significant revenue growth in the Americas in all of its divisions, which more than offset a moderate decline in the Europe/CAME region, where only the Wind Power segment posted an increase.

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